The Illinois state legislature’s revenue and finance committee decided yesterday not to move forward with a bill to impose a 5 percent luxury tax on boats costing more than $200,000, according to the National Marine Manufacturers Association.
Mark Adams, vice president of sport shows for the NMMA, along with opponents from six different marine-related organizations and businesses, attended the hearing to testify in opposition to the tax.
But before testimonies could be heard, the committee echoed industry concerns about the tax and withheld a motion to take up the legislation.
“While we understand Illinois must address its looming budget deficit, we are pleased the committee realizes a counterproductive tax like this one is not the answer,” said David Dickerson, NMMA director of state government relations, in a statement.
“Despite assurances from the bill sponsor that similar measures will not be pursued, we will continue to monitor any new legislation moving forward,” he added.